Life Insurance Basics

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A few weeks back, I blogged about the unexpected death of someone we knew and my first thought (because he has small children) was that I hoped he had life insurance. Before I became a financial planner, I never saw the importance of life insurance, but now I see the value of making it an integral part of your overall financial plan. For this chat, I am bringing back my good friend and west coast alter ego, Shannon Ryan from The Heavy Purse who is a CFP and practicing financial planner for over 23 years.

What We're Drinking - Cosmopolitan

Since we both love pink, and drank cosmos during our last podcast, we decided to do it again.Here is the recipe:

  • 2 ounces vodka (I prefer Citron if you have it)

  • 1/2 ounce triple sec (or any other orange liquor)

  • 3/4 ounce cranberry juice

  • 1/2 ounce fresh lime juice

Combine all ingredients in a shaker with some ice. Shake and serve cold with a lemon peel if you like.

Podcast Notes:

  • Both Shannons share powerful true stories that they have witnessed through their work as financial planners around the value of life insurance

  • We discuss who we think needs life insurance and Shannon Ryan breaks down the various categories of people with life insurance needs

  • We discuss how much people need and how to calculate that figure

  • Shannon shares her thoughts around laddering term life insurance policies to maximize your benefits while keeping costs low

  • We explain the difference between Permanent or Whole Life Insurance and Temporary or Term Life

  • Shannon discusses why she doesn't like co-mingling insurance and retirement needs

  • We share how cost expectations for insurance

Resources for life insurance

  • Life Happens - Life Insurance Needs Calculator - this app is available for iPhone and Android phones

  • Policy Genius - a great tool for comparing insurance options

  • Haven Life - a great option for term life policies

*This post contains affiliate links. You can find more on affiliate links on my disclosure page.

Do you have life insurance? Do you understand life insurance?